Learning institutions in the spot over caution money and overpaid fees

Students in Nakuru reporting back to their schools for the third term studies. [File, Standard]

An audit of eight sample learning institutions has shown that they held unclaimed financial assets in form of caution money and overpaid fees.

According to Auditor General’s performance audit report on management of unclaimed financial assets by Unclaimed Financial Assets Authority (UFAA), learning institutions are expected to remit caution money and overpaid fees that remain unclaimed for a period exceeding two years after successful completion of studies, graduation and clearance.